Market Insights

FIDO and GSMA team up, blockchain in the Caribbean: Friday Deal Book for 5/26/2017

May 26, 2017

One World Identity’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending May 26, 2017.

FIDO Alliance and GSMA announce partnership to develop authentication interoperability
FIDO Alliance, the leading body for standards-based interoperable authentication, and GSMA, the global telecommunications alliance, have announced a liaison partnership to develop authentication interoperability. The purpose of the partnership is to align FIDO Authentication and GSMA’s Mobile Connect projects. Both are focused on bringing login solutions to consumers that leverage the latest technology in authentication. The partnership represents an opportunity for both organizations to dramatically broaden their reach, and a chance for de facto global standard setting. [Read more]

Netki and Bitt announce blockchain based digital identity platform for Caribbean banks to battle de-risking
Blockchain open source compliance solutions provider Netki announced a central bank production platform using its Digital Identity Service in partnership with Bitt, a Barbados based startup. The two will partner to provide compliance solutions across the Caribbean, a region whose local banks have been de-risked from correspondent banking relationships due to perceived risk, specifically in customer onboarding. RegTech funding activity has slowed in 2017 compared to last year, but continued deal and partnership activity is expected in this space as it matures. [Read more]

Mixed week for Australia’s Digital Identity Framework
The Australia Post announced that it is partnering with Australia’s federal government to integrate its digital identity technology into the Commonwealth’s Digital Identity Framework, under the Digital Transformation Agency. Meanwhile, Rachel Dixon, the head of the government’s digital identity project, announced her resignation last Friday and left the agency on Wednesday. Australia’s digital identity efforts continue to press on despite controversies arising from the use of facial biometrics, and questions over the overall personnel and budget management of the effort. [Read more]

Copyright protection startup Binded raises $950K
Binded, formerly known as Blockai, raised $950,000 from investors, including Mistletoe, Asahi Shimbun, Vectr Ventures, M&Y Growth Partners, Tokyo Founders Fund and Social Starts, bringing its total funding to $1.5 million. Binded provides tools for photographers to manage their intellectual property. The issue of digital art provenance and copyright protection continues to be a challenge across the ecosystem. Expect to see continued funding and acquisition activity in this space, especially involving companies experimenting with the use of distributed ledger technology for copyright. [Read more]

Mobile auth provider InAuth announces Asia expansion
InAuth will be expanding its device authentication tools into the Japan and Asia Pacific regions. The company has an aggressive growth strategy after its acquisition by American Express last December for an undisclosed amount. The APAC market is particularly attractive for mobile authentication and security providers because of the rapid growth in mobile transactions, coupled with an increasing rate of cybersecurity attacks. [Read more]

Singapore’s Monetary Authority and the International Finance Corporation establish ASEAN Financial Innovation Network
IFC, a member of the World Bank Group, and the Monetary Authority of Singapore (MAS) signed a memorandum of cooperation today, agreeing to work together to establish and develop the ASEAN Financial Innovation Network (AFIN). The network aims to facilitate broader adoption of fintech innovation and development, and enhance economic integration within the ASEAN region. One of the key focus areas of the network will be standardizing of compliance duties and harmonization of policies across the region. MAS has been very active in seeking international partnerships as part of a push to establish Singapore as a global fintech hub. The IFC is also no stranger in the fintech space, with over $400 million in investments in close to 30 fintech firms and digital financial services providers. [Read more]

B2B marketing intelligence company Demandbase raises $65 million
The new funding was led by existing investor Sageview Capital along with new investor Silver Lake Waterman. Existing investors Adobe Systems, Altos Ventures, Greenspring Associates, Scale Venture Partners, Sigma Partners and Split Rock Partners also participated, bringing the total funding to $150 million. Demandbase provides tools for targeting tools for B2B marketing, including IP based association. [Read more]